5 hours ago
10
Saikat Chakrabarti, the former Stripe engineer and one-time chief of staff to Alexandria Ocasio-Cortez, finished a distant third in California’s 11th Congressional District Democratic primary on June 2. The seat, left open by Nancy Pelosi’s departure, went to a runoff between State Sen. Scott Wiener and Supervisor Connie Chan, both of whom benefited from political machinery that Chakrabarti’s nearly $10 million personal war chest couldn’t overcome.
The numbers tell the story
Wiener led the field with 41.3% of the vote, collecting 44,521 ballots. Chan followed with 28.6%, or 30,887 votes. Chakrabarti managed just 14.9%, translating to 16,118 votes.
For a candidate who self-funded to the tune of close to $10 million, most of it drawn from Stripe equity, that’s a brutal cost-per-vote ratio. Roughly $620 per vote, for the math-inclined.
Pelosi endorsed Chan. AOC did not endorse Chakrabarti, her former chief of staff.
The Abundant Future super PAC, which received Larsen’s six-figure contribution, directed significant resources toward boosting Wiener’s campaign while simultaneously targeting Chakrabarti. The PAC’s attacks focused on residency questions and Chakrabarti’s financial connections.
Crypto’s expanding political playbook
Larsen has contributed millions to San Francisco-area PACs and organizations, including efforts opposing the Billionaire Tax Act. His $100,000 donation to Abundant Future is a fraction of his broader political spending.
Wiener has been broadly supportive of tech-sector interests during his time in the California State Senate, with policy positions that include skepticism of wealth taxes.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
English (US) ·